Saraya Aqaba to increase capital by JD430m
- Jordan: Thursday, March 07 - 2013 at 16:51
- PRESS RELEASE
Board of Directors of Saraya Aqaba, one of the largest real estate development companies in the Middle East with projects in Oman, Jordan, and Ras Al Khaimah, has decided to invite shareholders to subscribe to a JD430m ($606m) capital raise during its meeting on Monday the 4th of March.
The Board stated it will not seek external financing, reiterating that Saraya Jordan, which holds a 38% share in Saraya Aqaba, is fully committed to provide for the proposed raise in case the amount could not be fully subscribed by the shareholders.
At its Monday meeting, the Board was briefed on the progress of the bid evaluation process for selection of the successful contractor who will carry out the remaining construction work on its project in the port city of Aqaba, which will see the creation of a master-planned community featuring commercial, residential, tourist, recreational and infrastructure facilities.
The capital injection comes as Saraya Aqaba is entering the implementation stage. Construction work is expected to begin following the award of the contract for the first phase of the remaining work towards the end of the first quarter of 2013, which includes four hotels, a conference palace, Souk Saraya, a beach club, a water park, infrastructure, service quarters and part of the residential units.
The capital increase will propel Saraya Aqaba to the ranks of the biggest companies in Jordan by market capitalization. It will facilitate the company's plans for making a genuine contribution to the development of Aqaba and the Kingdom at large, through boosting economic activity, tourism and creating job opportunities for many local firms and thousands of Jordanians.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.